All Forum Posts by: Joshua Hilliard

I just did this with someone I was thinking about working with. I did a criminal background check, called and emailed a list of references he provided, then cross checked him and his references on social media and professional sites. After all that I felt comfortable with taking the leap of faith... or at least comfortable enough. I definitely think that you should get references from them. Talk to the references too (not just email) and make sure your BS detector doesn't go off. Good luck!!!

Thanks guys. Point of fact the basement is rent ready. Those renovations are done. I can take pics of them too. When I was speaking of renovations what I meant was beautification in the entrance way for the basement. The contractors really tore up our yard. As far as the business license, I have not heard that yet. Thanks for the input! You guys rock!!!

I have a house that I am planning on renting out the basement. I'm still doing some last-minute renovating and getting my license together. I just heard recently that if I advertise now for a tenant in a few months that I can write off some of the renovations but if I wait it will be more complicated. My question is should I advertise now for a tenant for this summer even before I have my rental license or should I wait until after I have my rental license to advertise? Thank you for anyone that can add any advice on this matter.

I was looking at your numbers and two thing I would change to be a little more conservative would be factoring in management cost and a higher vacancy rate. I like to calculate only 10 months for gross rent. Most leases are yearly and so if you lose your tenants then it might be a month to fix, market, and find a new tenant. Also, if you bring in management then they may charge between 50% to 100% of the first months rent. That's in addition to the standard 10% monthly fee. Even if you self manage you should do your numbers with management in mind. This way you can always step away and still make money if you wanted to. I would calculate your gross rents at $10,800 per year. These numbers are ultra conservative but if you plan for the worst then anything better than that is a win. Hope this helps.

I was looking for educational podcasts for my commute into work on Stitcher. I had crashed and burned before in real estate and wanted to try again. I found the podcast and eventually logged in to the website. Now I listen to at least 2 a day on my commute. It feels like I'm getting a Masters degree in real estate investing. I love it!!!

For me, I just think, well, if it's not this then what? I'm going to be doing something, might as well be doing something that takes me closer to my goals. Anything you try to learn is going to be hard but always worth it. A very wise early mentor once told me, if you're comfortable then that means you're not growing. I keep trying to push myself into uncomfortable spots so I can keep learning and keep growing!

Justin, you read my mind. I was just thinking what is the advantage of having checkbook control.

Shopping for a good Advice on Self Directed IRA trustee and need some honest reviews. I'm looking at MidAtlantic IRA out of Maryland, Next Generation out of New Jersey, and NuView out of Florida. All three have come with personal recommendations. I'm leaning towards NuView but I don't really know how to vet these guys. can anyone offer me any advice on vetting a SDIRA trustee, and what are some pitfalls to watch out for. I am planning on using them to purchase Non performing notes. Thank you for any advice you can offer. Josh

Welcome @Bill Ribolzi!!! Good luck with your real estate goals. One piece of advice I can offer is if you have a specific question ask it in the forums. I've always gotten responses back and usually more than one. Some of my best contacts have been simply by asking questions. Hope that helps!

Hello @Ty Murphy. I think both approaches to debt are good but one thing I heard on a podcast that made me think about things differently is this. If your equity is tied up in a house it's really just sitting there not doing any work for you. You can pull equity out and put it to work in other properties. I think that, if done within reason and not spreading yourself too thin, leverage is way more powerful than having $50k-$100k tied up in one house. That's my two cents. Good luck with your investing!